Today is Monday, 8th November, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on in the market, as well as what to expect next in our new article! If you’d like to read the previous instalment, please follow the link. Off we go!
As I indicated earlier, the narrowing of Bitcoin‘s price range was a signal that growth was on the way. At the moment, the first cryptocurrency is trading above the $65,000 level and if the largest digital asset moves above that level, we will see another round of growth.
If the consolidation doesn’t happen and eventually the BTC price fails to break above the last ATH, we will get the double top pattern formed by ATH retest attempt, which may end up with Bitcoin price collapsing all the way to the $53,000–$55,000 range. Therefore, I do not recommend opening long positions, especially leveraged ones, at least until the value of the largest digital asset has consolidated above $67,000. By the way, I don’t recommend shorting BTC either. The chance of a subsequent price crash is there. But at this stage, it is still the case when the risk is not justified. Moreover, there is a probability that the formation will be broken, which will bring BTC down to $72,000.
So, we’ve got the possible scenarios sorted out, and I personally believe that the price will move higher, but don’t take my words as a trading recommendation.
Ethereum is moving upwards steadily. At the time of writing, the second most capitalised cryptocurrency is trading around $4,720. Moreover, ETH has updated its all-time high, narrowly missing the $4,800 mark.
The second-largest cryptocurrency has been driven by Bitcoin’s growth. However, it also means that if BTC fails to break above the current local resistance and stays above the latest ATH, Ethereum could also collapse. The price of this coin has been acting strangely enough lately, showing neither a decisive rise nor a precipitous plunge. However, there ain’t no such thing as endless growth, and ETH will be no exception to that rule.
Don’t forget to place your stop-loss orders. Otherwise, you could fall victim to manipulation at any time, which is often the kind of situation that unfolds in the market at this stage.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
|BITCOIN (BTCUSD) ₿||$29,413.05||0.81%|
|ETHEREUM (ETHUSD) Ξ||$1,974.87||0.91%|
|IMM. US (REIT)||$2,463.96||0.79%|
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